SBA loans to resume after limit raised

Associated Press

NEW YORK

Small businesses are again able to get loans backed by the federal government.

President Barack Obama signed into law a bill Tuesday raising the lending authority for the Small Business Administration’s biggest loan program, known as the 7(a) program. Loan approvals resumed after going on hold Thursday, when the SBA reached its $18.75 billion annual limit for loan guarantees.

The bill, which won final passage by the House on Monday, raises the lending limit to $23.5 billion.